Friday 15 January 2016

Mubadala Petroleum to reduce costs as oil price slumps | GulfNews.com

Mubadala Petroleum to reduce costs as oil price slumps | GulfNews.com:

"Abu Dhabi-based Mubadala Petroleum will pursue an aggressive cost-reduction strategy as oil prices plummet to record levels due to overproduction and weak demand, the Chief Executive Officer of the company said.

“We are on very aggressive cost reduction mode. Last year and this year we have been focusing primarily on cost reduction and bring cost parameters significantly down due to drop in oil prices,” Mussabeh Al Ka’abi said at an energy forum on Tuesday.

He however, said they are not slashing production and are trying to increase efficiency. “We have currently adjusted our cost to a certain oil price. We are reviewing our operation but have no plan to cut production.”"



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